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How Glencore makes money in India is a mystery that has been puzzling oil
traders in London for the past year.

Rivals report that the Swiss commodities trader has consistently undercut them
to win supply contracts from Indian refiners.

Glencore, which will enter the FTSE 100 index tomorrow, has been buying oil
from Nigeria and other West African producers and shipping it to Indian
companies such as Bharat Petroleum, which then turn it into petrol for the
Indian market.

Contract after contract has gone to Glencore, but nobody in the oil market can
work out how it has made profit